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Econ 101 is killing America

In the Middle Ages, people looked to the Church for certainty. In today’s complex, market-based economies, they look to the field of economics, at least for answers to questions concerning the economy. And unlike some disciplines, which acknowledge that there’s a huge gap between the scholarly knowledge and policy advice, economists have been anything but shy about asserting their authority.

As we can see from the current dismal state of economic affairs, economies are incredibly complex systems, and policymakers who are forced to act in the face of this uncertainty and complexity want guidance. And over the last half century, neoclassical economists have not only been more than happy to offer it, but largely been able to marginalize any other disciplines or approaches, giving them a virtual monopoly on economic policy advice.

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